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The President of the Republic at the Opening of the Estonian-Finnish Business Seminar on November 20, 2001, in Helsinki20.11.2001
Ladies and gentlemen,
Introducing another Estonian-Finnish business seminar, it is my pleasure to observe that in the last ten years, our relations have been developing exactly in the direction and almost exactly at the pace we have hoped and presumed. Of course, such fast and fruitful development of co-operation is based on the relations between our two nations, perhaps unique for their affinity in the whole world, and having long traditions and centuries-long history to look back to.
We have indeed accomplished a lot during the last decade; this is proved by the existing basis of agreements, which is a foundation for the mutually beneficial economic activities. We can say that between our countries, all the basic economic agreements have been concluded: the agreement for the promotion and protection of investments in 1992; and the agreement for economic co-operation and assistance between Estonia and Finland is in force since 1993. These are just a few examples confirming that we have created a good and solid basis for developing our economic relations.
Today, our economic co-operation has acquired a new dimension, the dimension of the European Union, but also of the quickly globalising economy. Already today, 75% of Estonia's foreign economy is connected to the European Union. From the direct foreign investments to Estonia, more than 80% come from the European Union member states. Among them, Finland undoubtedly has the most significant place. In main trade areas, Finland has always been at the top of Estonia's export and import lists. Even if so far, the trade balance between Estonia and Finland has been negative for Estonia, it is a pleasure to observe that today, we already had a surplus in our trade with Finland. In Estonia's main trade with Finland, export constitutes 60 per cent. A little more than 28 per cent of all direct investments to Estonia have come from Finland. Unfortunately, Estonians have not yet responded at the same level, our enterprises have only invested to Finland 2 per cent of the investments directed outside Estonia. Yet I am convinced that this relation is bound to change in the future, as Finland is already now fourth on Estonia's list of target countries.
In the framework of the ever-widening international co-operation, it is possible and necessary to deepen several forms of regional co-operation, considering the regional idiosyncrasies and thus realising the potential that enables us to participate as equal partners in world economy. It is known that in Estonia, foreign investments are protected and foreign companies treated equal with our own. Also in the future, it is our aim to maintain the continuously stable and secure economic environment, a firm basis of activity for both Estonian and international entrepreneurs.
Future success is undoubtedly contained also in the ability to go along with times, in education, and in universal co-operation. The favourable strategic position of our countries in the Baltic Sea region, the most attractive region of the Nordic, is one of the cornerstones of our economic development. The Baltic Sea region forms an integral whole. Multilateral co-operation involving all the countries of the region is natural and necessary. This is also the foundation of the future of our economic relations.
The business seminar must turn its eyes towards the future. Good co-operation can only be based on healthy competition. Although co-operation between Estonia and Finland has so far been successful, not all the possibilities have been exhausted. In the near future, environment-friendly technology, i.e. means for environment protection, from which the immediate surroundings as well as global environment protection will gain, as well as biotechnology and gene technology, will prove to have good prospects. In these fields, Estonian researchers have been very successful, and several Estonian experts have in fact conducted their scientific and research work in Finland. Today, Finland is the country with the most competitive economy in the world; Estonia in turn is on the top among countries with high index of economic freedom. Is this not an admirable additional opportunity and a challenge for successful economic co-operation between Finland and Estonia?!
I hope that this seminar will provide thoughts and visions of the future for further development of relations, and that in the course of the exchange of thoughts, you will be able to deepen your contacts.
I wish you success in your work!
In Finnish:
Presidentti Arnold Rüütel virolais-suomalaisen kauppaseminaarin avajaisissa Helsingissä 20. marraskuuta 2001
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